Farming the Straits of Devastation is one of the safest ways to get cash before you're level 80. I stumbled onto this zone at about level 66 and made a ton of money before I made it to level 75. I just ported into this zone every hour, ran my farming route and made a ton of gold to show for it! You will want to enter at the Thorn Pass Waypoint on the far eastern end of the zone. You can see the Waypoint in the picture I have below of the zone. From this Waypoint grab whatever is just north of it (usually Cayenne Pepper) and start heading south.
You will have to alternate between the sandy path between the cliff and town and the "Thorn Pass" grassy cliff area. Mithril Ore is usually found in the ditch like area and all the Chef gatherable nodes as well as the Elder Wood Log nodes are found in the grassy plateau of an area. If you follow this area south all the way until you reach the Waypoint by the ocean, Thunderhead Waypoint, you'll have pretty much exhausted all good gathering nodes.
There is also a good chance you will come across a Dolyak in the area escorting supplies to Thunderhead Waypoint. Join in on this event and AoE anything down that attacks the Dolyak. Trust me, the mobs give much better loot than the gathering nodes in the area could ever hope to give. Plus with how many you kill they drop stuff all the time!
Don't follow the blue lines as a gathering path but more of a guide of inside the areas you can find nodes. If it is in the blue lined area, nodes are to be found!
After you reach Thunderhead Waypoint you will want to port back to (or run to, doesn't matter) Thorn Pass Waypoint. From here head north and follow the picture below as a guide of where to find all of the good nodes. Don't follow the blue lines as a gathering path but more of a guide of inside the areas you can find nodes. If it is in the blue lined area, nodes are to be found! The one thing worth mentioning though is the huge patch of herbs in the northern area by the waterfall.
It spawns once every 24hrs but is worth going up to every time. There are a few level 74 mobs that guard it so be on your guard if you're below 80.
If you see the golem in this area doing his deliveries escort be sure to join in! As aforementioned; trust me, the mobs give much better loot than the gathering nodes in the area could ever hope to give. Plus with how many you kill they drop stuff all the time! There is also a Risen event where they attack the town in the area, be sure to hop in on this if you can too! It's very easy to do and gives a huge amount of experience and Karma.
List of Loot from Straits of Destruction Farming
Elder Wood Log
Eggs (From mob kills)